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Empire Energy Group Limited ( (AU:EEG) ) just unveiled an announcement.
Empire Energy Group Limited has successfully completed a $28 million placement to institutional and sophisticated investors, with an additional $250,000 committed by its directors, subject to shareholder approval. The funds will support the hydraulic stimulation and testing of the Carpentaria-5H well, a significant project in the Beetaloo Sub-basin, with flow-testing results expected in Q3 2025. The company also plans to launch a Share Purchase Plan to raise up to $3 million, offering eligible shareholders the opportunity to invest on the same terms as the placement. This strategic move is part of Empire’s focused efforts on developing its resources in the Beetaloo Sub-basin, with a potential name change to Beetaloo Energy Australia Limited reflecting this commitment.
The most recent analyst rating on (AU:EEG) stock is a Buy with a A$0.74 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:EEG Stock Forecast page.
More about Empire Energy Group Limited
Empire Energy Group Limited operates in the energy sector, focusing on the exploration and development of natural gas resources. The company is primarily engaged in activities within the Beetaloo Sub-basin, where it aims to harness the potential of shale gas resources.
Average Trading Volume: 478,362
Technical Sentiment Signal: Buy
Current Market Cap: A$200.9M
Find detailed analytics on EEG stock on TipRanks’ Stock Analysis page.